Proposition 60/90 - San Diego Property Tax Relief

Proposition 60/90 – San Diego Property Tax Relief for 55+

Proposition 60 – What is it?

Definition:
A constitutional amendment passed by California voters that provides a one-time benefit for homeowners 55 and older to transfer the tax base of their principal residence upon sale to another principal place of residence of equal value. This can result in substantial property tax savings for the homeowner. Prop 60 refers to property tax transfers within the same county.

Qualifications:
• The property being sold must be the homeowner’s principal place of residence – owner occupied.
• The property being sold must sell for at least what was paid for the replacement principal place of residence.
• One of the property owners must be at least 55 years old on the day of the transfer of the principal place of residence.
• The replacement property must be eligible for the homeowner’s exemption or disabled veterans’ exemption.
• All transfers must be completed within 2 years.
• Claims made for retroactive relief must be filed within 3 years following the purchase date or new construction completion date.

Proposition 90 – What is it?

Definition:
A constitutional amendment passed by California voters that provides a one-time benefit for homeowners 55 and older to transfer the tax base of their principal residence upon sale to another principal place of residence of equal value. This can result in substantial property tax savings for the homeowner. Prop 90 refers to property tax transfers from one county to another in California. The counties that have adopted the proposition 90 ordinance are:
• Alameda
• El Dorado
• Los Angeles
• Orange
• Riverside
• San Bernardino
• Santa Clara
• San Diego
• San Mateo
• Ventura

What are the Differences between Prop 60 and 90?

Proposition 60 allows for transfers within the same county
Proposition 90 allows for transfers from one county to another county in California. (Current participating counties are listed above)
For more information about Propositions 60 and 90, please visit:

San Diego County Tax Assessor
https://arcc.sdcounty.ca.gov/Pages/default.aspx

CA State Board of Equalization
https://www.boe.ca.gov/proptaxes/faqs/propositions60_90.htm#28

The information provided in this document is provided “as is” without any representations or warranties, express or implied. Seaman & Company Real Estate Services makes no representations or warranties in relation to the legal information in this document. If you have any specific questions about this information please consult with your tax accountant or other legal services provider.

Click here for the current claim for as of July 2015.

If you are interested in exploring Prop 60 or 90 as is relates to the purchase or sale of your home, please give us a call at 858-223-1200.

 

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